I feel pretty positive we are looking at an Annular Hurricane such as Isabel in 2003 (attached). These are extremely rare in the Atlantic Basin. These storms do not go through ERC (from what I am reading) as quickly as other hurricanes normally would. I am guessing because after the last EWR the eye was so large it takes some time to contract inward (which it looks like it is still doing). This is the link I have been reading (about a third of the way down).

http://www.net-weather.co.uk/forum/index.php?showtopic=19418&st=0

The scary thing about annular hurricanes is they are slow to spin down as long as conditions remain the same. Isabel as an example was a Cat5 storm for about 48hrs. Interesting reading as we are seeing something in action that is rarely ever seen. I think the stat was .08% of Atlantic hurricanes become annular